IGCSE Business Studies Unit Product i-study.co.uk

The Marketing Mix Marketing: is the way in which a firm identifies, fulfills and maintains the demands of its consumers in order to achieve a firm's goals. The Marketing Mix is the use of product, price, promotion and placement (4Ps) to achieve a firm’s marketing aims i-study.co.uk

Types of Products Capital Goods – e.g. Tractors Consumer Goods – e.g. Phones Durable Goods – e.g. Desks Non-Durable Goods – e.g. Pencils Services – e.g. Banking Semi-finished Goods – e.g. Steel Finished Goods – steel used for chair i-study.co.uk

Product y-apple-products/ y-apple-products/ gy http:// gy Discuss: which of these would be a hit? i-study.co.uk

New Products Companies have product portfolios; these are their range of products Microsoft's Product Portfolio Advantages of adding New Products to the portfolio: 1) To take advantage of changing tastes 2) To diversify incase there is poor demand for one 3) To gain a competitive advantage i-study.co.uk

New Products Disadvantages of adding New Products to the portfolio: 1)They are expensive to research and develop 2)They may take a long time to get to the market 3)If the product is not liked, all time and money is lost as well as harm to existing brand image i-study.co.uk

Product Development Chart Decide on Product Concept Undertake Market Research Plan Product Design Plan Branding and Packaging Research Costs Work on Product Trial Product Refine / Finallize/Soft- launch Launch i-study.co.uk

Creating a Brand Brand Brand Name Brand Image Brand Loyalty i-study.co.uk

Ways to create a brand PromotionPricePackaging Customer Service i-study.co.uk

The Importance of a Good Brand Attracts your target market –Consumers remember your product Creates consumer loyalty –Leads to greater repeat purchases Leads to increased sales -- Consumers often buy the brand they recognize if unsure of which product to buy or if they are first time buyers i-study.co.uk

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